The rupee gave up early gains against the dollar today but was still up 14 paise at 55.01 a dollar as banks and exporters sold the American currency amid inflows from foreign funds into the equity market.
The rupee resumed stronger at 54.90 a dollar, against the last weekend's close of 55.15, at the Interbank Foreign Exchange (Forex) market. It moved between 55.04 and 54.76 before quoting at 55.01 a dollar at 1050hrs.
Dealers said recent capital inflows from foreign funds into the equity markets boosted the rupee value against the dollar.
The BSE 30-stock index, Sensex, was quoted slightly higher by six points at 1050hrs, although it erased most of it early gains.
In New York market, the euro was quoted lower against the dollar.